On Thursday the S&P 500 was down 0.9% and Toronto was down 0.4%.
The Canadian dollar had fallen another half cent on Thursday but in the end closed about unchanged.
Most of our stock picks were down with the market. A few managed gains today including Toll Brothers up 0.1% and Canadian tire up 0.6%. I was tempted to sell some Toll Brothers today but instead just restored my expired order to trim a bit at $37.50 and a put a new order to trim a bit more still at $38.50. I was also thinking about buying back some of the Berkshire that I sold earlier this year but decided not to though I think it is reasonably attractive.
In the next few weeks the market will be reacting to many earnings reports as well as the usual economic reports.
There was interesting news today about Air Canada’s large pension deficit melting away in 2013. I knew pension plans would be much improved in 2013 (and wrote about it here http://www.investorsfriend.com/pension_debacle%20too.htm). But the improvement at Air Canada is even more than I would have expected. (Sounded a bit too good to be true, actually)